MACERICH CO - FORM 8-K - EX-99.2 - February 4, 2015

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Exhibit 99.2

LOGO

Supplemental Financial Information
For the three and twelve months ended December 31, 2014

GRAPHICS


The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

        All information included in this supplemental financial package is unaudited, unless otherwise indicated.

 
   Page No.
 
    

Corporate Overview

   1-3

Overview

   1

Capital Information and Market Capitalization

   2

Changes in Total Common and Equivalent Shares/Units

   3

Financial Data

  

4-9

Unaudited Pro Rata Statement of Operations

   5-6

Notes to Unaudited Pro Rata Statement of Operations

   7

Unaudited Pro Rata Balance Sheet

   8

2015 Guidance Range

   9

Supplemental FFO Information

   10

Capital Expenditures

   11

Operational Data

  

12-27

Sales Per Square Foot

   12

Sales Per Square Foot by Property Ranking

   13-17

Occupancy

   18

Average Base Rent Per Square Foot

   19

Cost of Occupancy

   20

Percentage of Net Operating Income by State

   21

Property Listing

   22-25

Joint Venture List

   26-27

Debt Tables

  

28-30

Debt Summary

   28

Outstanding Debt by Maturity Date

   29-30

Development Pipeline

  

31-33

Corporate Information

  

34

        This Supplemental Financial Information should be read in connection with the Company's fourth quarter 2014 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 4, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.


The Macerich Company

Supplemental Financial and Operating Information

Overview

        The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

        As of December 31, 2014, the Operating Partnership owned or had an ownership interest in 51 regional shopping centers and eight community/power shopping centers aggregating approximately 54 million square feet of gross leasable area ("GLA"). These 59 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

        The Company is working with the loan servicer for Great Northern Mall, which is expected to result in a transition of the asset to the loan servicer or a receiver. Consequently, Great Northern Mall has been excluded from all Non-GAAP Operating Data in 2014, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

        The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").

        All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

        This document contains information constituting forward-looking statements and includes expectations regarding the Company's future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing, operating expenses, and competition; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up; the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations; and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities or other acts of violence which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2013, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

1


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

                     
 
   Period Ended  
 
   12/31/2014   12/31/2013   12/31/2012  
 
   dollars in thousands, except per share data
  

Closing common stock price per share

   $ 83.41   $ 58.89   $ 58.30  

52 week high

   $ 85.55   $ 72.19   $ 62.83  

52 week low

   $ 55.21   $ 55.13   $ 49.67  

Shares outstanding at end of period

                    

Class A non-participating convertible preferred units

     145,839     184,304     184,304  

Common shares and partnership units

     168,721,053     150,673,110     147,601,848  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total common and equivalent shares/units outstanding

     168,866,892     150,857,414     147,786,152  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Portfolio capitalization data

    
 		    
 		    
 		  

Total portfolio debt, including joint ventures at pro rata

   $ 7,050,437   $ 6,037,219   $ 6,620,507  

Equity market capitalization

     14,085,187     8,883,993     8,615,933  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total market capitalization

   $ 21,135,624   $ 14,921,212   $ 15,236,440  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leverage ratio(a)

     33.4 %   40.5 %   43.5 %
(a)
Debt as a percentage of total market capitalization.

Portfolio Capitalization at December 31, 2014

GRAPHIC

2


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

 
  
 
   Partnership
Units 		  Company
Common
Shares 		  Class A
Non-Participating
Convertible
Preferred Units 		  Total
Common
and
Equivalent
Shares/
Units 		 

Balance as of December 31, 2013

     9,939,427     140,733,683     184,304     150,857,414  

Conversion of partnership units to cash

     (3,445 )   —     —     (3,445 )

Conversion of partnership units to common shares

     (63,000 )   63,000     —     —  

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

     246,471     82,701     —     329,172  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of March 31, 2014

     10,119,453     140,879,384     184,304     151,183,141  

Conversion of partnership units to cash

     (285 )   —     —     (285 )

Conversion of partnership units to common shares

     (8,333 )   8,333     —     —  

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

     —     19,703     —     19,703  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of June 30, 2014

     10,110,835     140,907,420     184,304     151,202,559  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Conversion of partnership units to cash

     (234 )   —     —     (234 )

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

     —     13,064     —     13,064  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of September 30, 2014

     10,110,601     140,920,484     184,304     151,215,389  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Conversion of partnership units to common shares

     (24,286 )   62,751     (38,465 )   —  

Issuance of common shares—Acquisition of partnership interest

     —     17,140,845     —     17,140,845  

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

     432,742     77,916     —     510,658  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of December 31, 2014

     10,519,057     158,201,996     145,839     168,866,892  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

3

        On the following pages, the Company presents its unaudited pro rata statement of operations and unaudited pro rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three and twelve months ended December 31, 2014.

4


 THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
    
  
 
   For the Three Months Ended December 31, 2014  
 
   Consolidated   Non-
Controlling
Interests(1) 		  Company's
Consolidated
Share 		  Company's
Share of
Joint
Ventures(2) 		  Company's
Total
Share 		 

Revenues:

                                

Minimum rents

   $ 182,323   $ (9,124 ) $ 173,199   $ 44,325   $ 217,524  

Percentage rents

     15,055     (741 )   14,314     3,296     17,610  

Tenant recoveries

     96,210     (5,031 )   91,179     20,423     111,602  

Management Companies' revenues

     8,733     —     8,733     —     8,733  

Other income

     20,588     (997 )   19,591     4,437     24,028  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     322,909     (15,893 )   307,016     72,481     379,497  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Expenses:

                                

Shopping center and operating expenses

     95,922     (5,149 )   90,773     25,581     116,354  

Management Companies' operating expenses

     23,239     —     23,239     —     23,239  

REIT general and administrative expenses

     12,073     —     12,073     —     12,073  

Depreciation and amortization

     112,517     (4,419 )   108,098     21,244     129,342  

Interest expense

     50,748     (2,452 )   48,296     12,165     60,461  

Loss on early extinguishment of debt, net

     9,146     —     9,146     —     9,146  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     303,645     (12,020 )   291,625     58,990     350,615  

Equity in income of unconsolidated joint ventures

     16,019     —     16,019     (16,019 )   —  

Co-venture expense

     (3,315 )   3,315     —     —     —  

Income tax benefit

     510     —     510     —     510  

Gain on sale or write down of assets, net

     74,944     (185 )   74,759     2,528     77,287  

Gain on remeasurement of assets

     1,423,136     —     1,423,136     —     1,423,136  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     1,530,558     (743 )   1,529,815     —     1,529,815  

Less net income attributable to noncontrolling interests

     101,337     (743 )   100,594     —     100,594  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income attributable to the Company

   $ 1,429,221   $ —   $ 1,429,221   $ —   $ 1,429,221  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Reconciliation of net income attributable to the Company to FFO(3):

                                

Net income attributable to the Company

               $ 1,429,221   $ —   $ 1,429,221  

Equity in income of unconsolidated joint ventures

                 (16,019 )   16,019     —  

Adjustments to reconcile net income to FFO—basic and diluted:

                                

Noncontrolling interests in the Operating Partnership

                 100,594     —     100,594  

Gain on sale or write down of assets, net

                 (74,759 )   (2,528 )   (77,287 )

Gain on remeasurement of assets

                 (1,423,136 )   —     (1,423,136 )

Gain on sale of undepreciated assets, net

                 477     2,621     3,098  

Depreciation and amortization of all property

                 108,098     21,244     129,342  

Depreciation on personal property

                 (2,746 )   (238 )   (2,984 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total FFO—Basic and diluted

                 121,730     37,118     158,848  

Loss on early extinguishment of debt, net

                 9,146     —     9,146  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total FFO excluding early extinguishment of debt—diluted

               $ 130,876   $ 37,118   $ 167,994  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
This represents the non-owned portion of the consolidated entities not wholly-owned by the Company.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

5


 THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
    
  
 
   For the Year Ended December 31, 2014  
 
   Consolidated   Non-
Controlling
Interests(1) 		  Company's
Consolidated
Share 		  Company's
Share of
Joint
Ventures(2) 		  Company's
Total
Share 		 

Revenues:

                                

Minimum rents

   $ 633,571   $ (38,764 ) $ 594,807   $ 191,255   $ 786,062  

Percentage rents

     24,350     (1,562 )   22,788     8,399     31,187  

Tenant recoveries

     361,119     (23,193 )   337,926     92,567     430,493  

Management Companies' revenues            

     33,981     —     33,981     —     33,981  

Other income

     52,226     (2,842 )   49,384     20,203     69,587  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     1,105,247     (66,361 )   1,038,886     312,424     1,351,310  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Expenses:

                                

Shopping center and operating expenses

     353,505     (22,752 )   330,753     106,020     436,773  

Management Companies' operating expenses

     88,424     —     88,424     —     88,424  

REIT general and administrative expenses

     29,412     —     29,412     —     29,412  

Depreciation and amortization

     378,716     (20,700 )   358,016     82,570     440,586  

Interest expense

     190,689     (11,260 )   179,429     61,971     241,400  

Loss on early extinguishment of debt, net

     9,551     —     9,551     —     9,551  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     1,050,297     (54,712 )   995,585     250,561     1,246,146  

Equity in income of unconsolidated joint ventures

     60,626     —     60,626     (60,626 )   —  

Co-venture expense

     (9,490 )   9,490     —     —     —  

Income tax benefit

     4,269     —     4,269     —     4,269  

Gain (loss) on sale or write down of assets, net

     73,440     (146 )   73,294     (1,237 )   72,057  

Gain on remeasurement of assets

     1,423,136     —     1,423,136     —     1,423,136  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     1,606,931     (2,305 )   1,604,626     —     1,604,626  

Less net income attributable to noncontrolling interests

     107,889     (2,305 )   105,584     —     105,584  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income attributable to the Company

   $ 1,499,042   $ —   $ 1,499,042   $ —   $ 1,499,042  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Reconciliation of net income attributable to the Company to FFO(3):

                                

Net income attributable to the Company

               $ 1,499,042   $ —   $ 1,499,042  

Equity in income of unconsolidated joint ventures

                 (60,626 )   60,626     —  

Adjustments to reconcile net income to FFO—basic and diluted:

                                

Noncontrolling interests in the Operating Partnership

                 105,584     —     105,584  

(Gain) loss on sale or write down of assets, net

                 (73,294 )   1,237     (72,057 )

Gain on remeasurement of assets

                 (1,423,136 )   —     (1,423,136 )

Gain on sale of undepreciated assets, net

                 1,396     2,621     4,017  

Depreciation and amortization of all property

                 358,016     82,570     440,586  

Depreciation on personal property

                 (10,321 )   (961 )   (11,282 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total FFO—Basic and diluted

                 396,661     146,093     542,754  

Loss on early extinguishment of debt, net

                 9,551     —     9,551  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total FFO excluding early extinguishment of debt—diluted

               $ 406,212   $ 146,093   $ 552,305  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
This represents the non-owned portion of the consolidated entities not wholly-owned by the Company.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

6


 The Macerich Company

Notes to Unaudited Pro Rata Statement of Operations

(1)
This represents the non-owned portion of consolidated joint ventures.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

(3)
The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

    FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other REITs.

    Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with a detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income attributable to the Company. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

7


 THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

 
    
  
 
   As of December 31, 2014  
 
   Consolidated   Non-
Controlling
Interests(1) 		  Company's
Consolidated
Share 		  Company's
Share of
Joint
Ventures(2) 		  Company's
Total
Share 		 

ASSETS:

                                

Property, net(3)

   $ 11,067,890   $ (329,922 ) $ 10,737,968   $ 1,944,366   $ 12,682,334  

Cash and cash equivalents

     84,907     (9,139 )   75,768     26,317     102,085  

Restricted cash

     13,530     —     13,530     2,523     16,053  

Tenant and other receivables, net

     132,026     (20,186 )   111,840     26,136     137,976  

Deferred charges and other assets, net

     759,061     (6,959 )   752,102     47,482     799,584  

Due from affiliates

     80,232     217     80,449     (1,830 )   78,619  

Investments in unconsolidated joint ventures

     984,132     —     984,132     (984,132 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 13,121,778   $ (365,989 ) $ 12,755,789   $ 1,060,862   $ 13,816,651  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LIABILITIES AND EQUITY:

                                

Mortgage notes payable

   $ 5,404,521   $ (234,409 ) $ 5,170,112   $ 997,886   $ 6,167,998  

Bank and other notes payable

     887,879     (5,440 )   882,439     —     882,439  

Accounts payable and accrued expenses

     115,406     (2,197 )   113,209     32,946     146,155  

Other accrued liabilities

     568,716     (23,489 )   545,227     59,987     605,214  

Distributions in excess of investment in unconsolidated joint ventures

     29,957     —     29,957     (29,957 )   —  

Co-venture obligation

     75,450     (75,450 )   —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     7,081,929     (340,985 )   6,740,944     1,060,862     7,801,806  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commitments and contingencies

                                

Equity:

                                

Stockholders' equity:

                                

Common stock

     1,581     —     1,581     —     1,581  

Additional paid-in capital

     5,041,798     —     5,041,798     —     5,041,798  

Retained earnings

     596,741     —     596,741     —     596,741  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total stockholders' equity

     5,640,120     —     5,640,120     —     5,640,120  

Noncontrolling interests

     399,729     (25,004 )   374,725     —     374,725  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total equity

     6,039,849     (25,004 )   6,014,845     —     6,014,845  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 13,121,778   $ (365,989 ) $ 12,755,789   $ 1,060,862   $ 13,816,651  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
This represents the non-owned portion of the consolidated joint ventures.

(2)
This represents the Company's pro rata share of the unconsolidated joint ventures.

(3)
Includes construction in progress of $290,369 from the Company's consolidated share and $212,179 from its pro rata share of the unconsolidated joint ventures.

8


 The Macerich Company

2015 Guidance Range (Unaudited)

 
    
 
   Year 2015
Guidance 		   

Earnings Expectations:

        

Earnings per share—diluted

  

$1.28 - $1.38

  

 

Plus: real estate depreciation and amortization

   $2.52    

Less: gain on sale of dispositions

   $0.00    
​ ​ ​ ​ ​

FFO per share—diluted

   $3.80 - $3.90    
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​

Underlying Assumptions to 2015 Guidance

  

 

  

 

Cash Same Center NOI Growth(a)

  

4.25% to 4.75%

  

 

Assumed acquisitions

   $0    

Assumed dispositions

   $0    

 

 
    
 
    
   Year 2015
FFO / Share
Impact

Lease termination income

   $10 million   $0.06

Capitalized interest

   $14 million   $0.084

Bad debt expense

   ($4 million)   $(0.024)

Dilutive impact on 2015 of assets sold in 2014

   ($17 million)   $(0.10)
(a)
Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.

9


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

 
 
   As of December 31,
 
   2014   2013
 
   dollars in millions

Straight-line rent receivable

   $75.2   $69.9

 

 
  
 
   For the
Three Months Ended
December 31, 		  For the
Twelve Months Ended
December 31, 		 
 
   2014   2013   2014   2013  
 
   dollars in millions
  

Lease termination fees

   $ 6.8   $ 0.6   $ 11.8   $ 5.0  

Straight-line rental income

   $ 3.8   $ 2.2   $ 9.3   $ 8.1  

Gain on sales of undepreciated assets

   $ 3.1   $ 0.5   $ 4.0   $ 3.2  

Amortization of acquired above- and below-market leases

   $ 3.5   $ 2.3   $ 10.2   $ 8.7  

Amortization of debt premiums

   $ 4.7   $ 1.2   $ 8.5   $ 6.9  

Interest capitalized

   $ 5.5   $ 4.7   $ 23.2   $ 19.3  
(a)
All joint venture amounts included at pro rata.

10


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

 
    
  
 
   Year Ended
12/31/14 		  Year Ended
12/31/13 		  Year Ended
12/31/12 		 
 
   dollars in millions
  

Consolidated Centers

                    

Acquisitions of property and equipment(a)

   $ 97.9   $ 591.6   $ 1,313.1  

Development, redevelopment, expansions and renovations of Centers

     197.9     164.4     158.5  

Tenant allowances

     30.5     20.9     18.1  

Deferred leasing charges

     26.6     23.9     23.5  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 352.9   $ 800.8   $ 1,513.2  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unconsolidated Joint Venture Centers(b)

    
 		    
 		    
 		  

Acquisitions of property and equipment

   $ 158.8   $ 8.2   $ 5.1  

Development, redevelopment, expansions and renovations of Centers

     201.8     118.8     79.6  

Tenant allowances

     4.8     8.1     6.4  

Deferred leasing charges

     3.0     3.3     4.2  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 368.4   $ 138.4   $ 95.3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Excludes non cash acquisition of partner's interests in five Centers on November 14, 2014.

(b)
All joint venture amounts at pro rata.

11


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Regional Shopping Center Portfolio

Sales Per Square Foot(a)

 
 
   Consolidated
Centers 		  Unconsolidated
Joint Venture
Centers 		  Total
Centers

12/31/2014(b)

   $556   $724   $587

12/31/2013(c)

   $488   $717   $562

12/31/2012

   $463   $629   $517

12/31/2011

   $417   $597   $489

12/31/2010

   $392   $468   $433
(a)
Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.

(b)
Great Northern Mall is excluded at December 31, 2014 because the Center is being transitioned to the loan servicer.

(c)
Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.


Sales Per Square Foot

GRAPHIC

12

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
    
    
   Sales Per Square Foot   Occupancy    
    
    
    
   Cost of Occupancy
for the Trailing
12 Months
Ended 12/31/14
(d) 		   
  
 
    
    
   Same Center NOI Growth(c)   % of Portfolio
2015 Forecast
Pro Rata NOI
(e) 		 
 
    
    
   12/31/2014
(a) 		  12/31/2013
(a) 		  12/31/2014
(b) 		  12/31/2013
(b) 		 
Count
  Properties   2014   2013   2012   2011  
                                                                         
      Group 1: Top 10                                                              

 
1
 
 
 
Queens Center
 
$
1,088
 
$
1,038
 
 
99.1
%
 
98.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  2       Washington Square   $ 1,012   $ 1,090     94.8 %   92.2 %                                    

 
3
 
 
 
Corte Madera, Village at
 
$
957
 
$
902
 
 
96.3
%
 
97.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  4       North Bridge, The Shops at   $ 870   $ 906     98.9 %   97.3 %                                    

 
5
 
 
 
Biltmore Fashion Park
 
$
865
 
$
927
 
 
97.9
%
 
90.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  6       Tysons Corner Center   $ 821   $ 824     98.4 %   98.2 %                                    

 
7
 
 
 
Santa Monica Place
 
$
754
 
$
734
 
 
92.7
%
 
90.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  8       Tucson La Encantada   $ 733   $ 694     94.5 %   92.2 %                                    

 
9
 
 
 
Scottsdale Fashion Square
 
$
732
 
$
694
 
 
95.9
%
 
94.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  10       Broadway Plaza(f)     n/a   $ 726     n/a     87.1 %                                    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Total Top 10:   $ 864   $ 855     96.9 %   95.0 %                           14.0 %   26.7 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Group 2: Top 11-20                                                              

 
11
 
 
 
Los Cerritos Center
 
$
720
 
$
674
 
 
98.5
%
 
97.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  12       Kings Plaza Shopping Center   $ 673   $ 675     91.9 %   95.9 %                                    

 
13
 
 
 
Arrowhead Towne Center
 
$
673
 
$
649
 
 
94.9
%
 
96.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  14       Kierland Commons   $ 671   $ 637     97.4 %   97.2 %                                    

 
15
 
 
 
Fashion Outlets of Chicago(g)
 
$
651
 
 
n/a
 
 
94.4
%
 
95.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  16       Danbury Fair Mall   $ 643   $ 636     97.6 %   96.6 %                                    

 
17
 
 
 
Vintage Faire Mall
 
$
633
 
$
594
 
 
96.6
%
 
99.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  18       Chandler Fashion Center   $ 606   $ 567     93.6 %   97.5 %                                    

 
19
 
 
 
Twenty Ninth Street
 
$
605
 
$
613
 
 
97.8
%
 
95.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  20       Fresno Fashion Fair   $ 601   $ 609     98.4 %   96.8 %                                    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
 
 
Total Top 11-20:
 
$
647
 
$
625
 
 
96.0
%
 
96.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
12.7
%
 
26.8
%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

13

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
    
    
   Sales Per Square Foot   Occupancy    
    
    
    
   Cost of Occupancy
for the Trailing
12 Months
Ended 12/31/14
(d) 		   
  
 
    
    
   Same Center NOI Growth(c)   % of Portfolio
2015 Forecast
Pro Rata NOI
(e) 		 
 
    
    
   12/31/2014
(a) 		  12/31/2013
(a) 		  12/31/2014
(b) 		  12/31/2013
(b) 		 
Count
  Properties   2014   2013   2012   2011  
      Group 3: Top 21-30                                                              

 
21
 
 
 
Freehold Raceway Mall
 
$
590
 
$
619
 
 
98.6
%
 
98.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  22       Green Acres Mall   $ 577   $ 541     93.0 %   93.4 %                                    

 
23
 
 
 
Stonewood Center
 
$
544
 
$
522
 
 
99.5
%
 
96.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  24       Fashion Outlets of Niagara Falls USA(f)     n/a   $ 532     n/a     94.6 %                                    

 
25
 
 
 
FlatIron Crossing
 
$
532
 
$
525
 
 
93.9
%
 
93.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  26       Deptford Mall   $ 526   $ 505     98.5 %   96.7 %                                    

 
27
 
 
 
Oaks, The
 
$
512
 
$
502
 
 
97.9
%
 
97.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  28       West Acres   $ 512   $ 527     99.8 %   99.8 %                                    

 
29
 
 
 
SanTan Village Regional Center
 
$
497
 
$
495
 
 
99.1
%
 
96.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  30       Victor Valley, Mall of   $ 492   $ 509     98.6 %   97.0 %                                    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
 
 
Total Top 21-30:
 
$
535
 
$
532
 
 
97.2
%
 
96.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
13.4
%
 
21.4
%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Group 4: Top 31-40                                                              

 
31
 
 
 
Valley River Center
 
$
461
 
$
478
 
 
98.3
%
 
98.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  32       South Plains Mall   $ 455   $ 468     95.2 %   88.3 %                                    

 
33
 
 
 
Lakewood Center
 
$
431
 
$
430
 
 
97.3
%
 
97.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  34       La Cumbre Plaza   $ 417   $ 396     85.6 %   86.4 %                                    

 
35
 
 
 
Inland Center
 
$
409
 
$
417
 
 
98.6
%
 
97.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  36       Pacific View   $ 405   $ 405     95.0 %   98.7 %                                    

 
37
 
 
 
Northgate Mall
 
$
392
 
$
396
 
 
96.0
%
 
97.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  38       Eastland Mall   $ 371   $ 395     94.8 %   98.8 %                                    
  39       Westside Pavilion(f)     n/a   $ 348     n/a     94.7 %                                    
  40       Superstition Springs Center   $ 350   $ 345     92.8 %   96.9 %                                    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
 
 
Total Top 31-40:
 
$
412
 
$
412
 
 
95.5
%
 
96.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
14.9
%
 
15.3
%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Total Top 40:   $ 618   $ 609     96.4 %   96.1 %   4.7 %   4.6 %   3.7 %   4.2 %   13.6 %   90.2 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

14


The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
    
    
   Sales Per Square Foot   Occupancy    
    
    
    
   Cost of Occupancy
for the Trailing
12 Months
Ended 12/31/14
(d) 		   
  
 
    
    
   Same Center NOI Growth(c)   % of Portfolio
2015 Forecast
Pro Rata NOI
(e) 		 
 
    
    
   12/31/2014
(a) 		  12/31/2013
(a) 		  12/31/2014
(b) 		  12/31/2013
(b) 		 
Count
  Properties   2014   2013   2012   2011  
                                                                         
      Group 5: 41-50                                                              
  41       Flagstaff Mall   $ 340   $ 310     71.8 %   78.8 %                                    

 
42
 
 
 
Capitola Mall
 
$
334
 
$
326
 
 
89.9
%
 
85.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  43       Towne Mall   $ 323   $ 331     89.8 %   86.4 %                                    

 
44
 
 
 
Cascade Mall
 
$
317
 
$
298
 
 
91.4
%
 
91.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  45       NorthPark Mall   $ 307   $ 313     90.6 %   91.6 %                                    

 
46
 
 
 
Desert Sky Mall
 
$
302
 
$
270
 
 
92.8
%
 
89.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  47       Wilton Mall   $ 276   $ 296     94.0 %   90.7 %                                    

 
48
 
 
 
Valley Mall
 
$
271
 
$
286
 
 
92.6
%
 
95.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  49       SouthPark Mall(f)     n/a   $ 228     n/a     79.4 %                                    

 
50
 
 
 
Paradise Valley Mall(f)
 
 
n/a
 
 
n/a
 
 
n/a
 
 
n/a
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      Total 41-50:   $ 307   $ 292     90.6 %   88.0 %   (3.0 )%   2.5 %   1.0 %   0.5 %   12.3 %   6.1 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
 
 
Subtotal—Regional Shopping Centers(h)
 
$
587
 
$
574
 
 
95.8
%
 
95.1
%
 
4.2
%
 
4.4
%
 
3.3
%
 
3.8
%
 
13.5
%
 
96.3
%
      Other Properties:                                                              

 
51
 
 
 
Gallery, The(f)(i)
 
 
n/a
 
 
n/a
 
 
n/a
 
 
n/a
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Community / Power Centers                                                              

 
 
 
Other Non-mall Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Subtotal—Other Properties                                                           3.7 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
 
 
TOTAL ALL PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13.4
%
 
100.0
%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

15

The Macerich Company
Sales Per Square Foot by Property Ranking (unaudited)

 
    
    
    
    
   Same Center
NOI Growth(c) 		   
  
 
    
    
   Sales Per
Square Foot
12/31/2012
(a) 		   
   % of Portfolio
2012
Pro Rata NOI
(j) 		 
 
    
    
   Occupancy
12/31/2012
(b) 		 
Count
  Properties   2012   2011  
                                           
      2013 Disposition Centers                                

 
1
 
 
 
Chesterfield Towne Center
 
$
361
 
 
91.9
%
 
 
 
 
 
 
 
 
 
  2       Fiesta Mall   $ 235     86.1 %                  

 
3
 
 
 
Green Tree Mall
 
$
400
 
 
91.2
%
 
 
 
 
 
 
 
 
 
  4       Kitsap Mall   $ 383     92.4 %                  

 
5
 
 
 
Northridge Mall
 
$
342
 
 
97.2
%
 
 
 
 
 
 
 
 
 
  6       Redmond Town Center   $ 361     89.2 %                  

 
7
 
 
 
Redmond Town Center-Office
 
 
n/a
 
 
99.1
%
 
 
 
 
 
 
 
 
 
  8       Ridgmar Mall   $ 332     84.6 %                  

 
9
 
 
 
Rimrock Mall
 
$
424
 
 
92.0
%
 
 
 
 
 
 
 
 
 
  10       Salisbury, Centre at   $ 311     96.3 %                  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
10
 
Total 2013 Disposition Centers:
 
$
348
 
 
92.1
%
 
 
 
 
 
 
 
 
 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
      2014 Disposition Centers                                

 
1
 
 
 
Lake Square Mall
 
$
232
 
 
86.4
%
 
 
 
 
 
 
 
 
 

 
2
 
 
 
Rotterdam Square
 
$
232
 
 
86.1
%
 
 
 
 
 
 
 
 
 

 
3
 
 
 
Somersville Towne Center
 
$
287
 
 
84.7
%
 
 
 
 
 
 
 
 
 

 
4
 
 
 
South Towne Center
 
$
374
 
 
88.7
%
 
 
 
 
 
 
 
 
 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
  4   Total 2014 Disposition Centers:   $ 309     87.0 %                  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
14
 
TOTAL DISPOSITION CENTERS
 
$
338
 
 
90.9
%
 
(0.1
)%
 
(5.7
)%
 
11.6
%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

16


 The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)

Footnotes
(a)   Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under. Properties are ranked by Sales per square foot as of December 31, 2014. Sales per square foot are excluded for Great Northern Mall which is being transitioned to the loan servicer.
(b)   Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment. Occupancy excludes Great Northern Mall which is being transitioned to the loan servicer.
(c)   The Company presents Same Center Net Operating Income ("NOI") Growth because the Company believes it is useful for investors to evaluate the operating performance of comparable Centers. Same Center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same Center NOI excludes the impact of straight-line and above/below market adjustments to minimum rents.
    EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on remeasurement, sale or write down of assets and preferred dividends and includes joint ventures at their pro rata share. Management considers EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(d)   Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(e)   The percentage of Portfolio 2015 Forecast Pro Rata NOI is based on guidance provided on February 4, 2015. NOI excludes straight-line and above/below market adjustments to minimum rents. It does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(f)   These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included.
(g)   Fashion Outlets of Chicago opened August 1, 2013.
(h)   Properties sold prior to December 31, 2014 are excluded in prior years above.
(i)   On July 30, 2014, the Company formed a joint venture to redevelop The Gallery, a 1,474,000 square foot regional shopping center in Philadelphia, Pennsylvania.
(j)   The percentage of Portfolio 2012 Pro Rata NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses.

17


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)

 
  
Regional Shopping Centers:
Period Ended
  Consolidated
Centers 		  Unconsolidated
Joint Venture
Centers 		  Total
Centers 		 

12/31/2014(b)

     95.3%     97.9%     95.8%  

12/31/2013(c)

     93.9%     96.2%     94.6%  

12/31/2012

     93.4%     94.5%     93.8%  
(a)
Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.

(b)
Great Northern Mall is excluded at December 31, 2014 because the Center is being transitioned to the loan servicer.

(c)
Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

18


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Average Base Rent Per Square Foot(a)

 
    
  
 
   Average Base Rent
PSF(b) 		  Average Base Rent
PSF on Leases
Executed during the
trailing twelve
months ended(c) 		  Average Base Rent
PSF on Leases
Expiring(d) 		 

Consolidated Centers

                    

12/31/2014(e)

   $ 49.68   $ 49.55   $ 41.20  

12/31/2013(f)

   $ 44.51   $ 45.06   $ 40.00  

12/31/2012

   $ 40.98   $ 44.01   $ 38.00  

Unconsolidated Joint Venture Centers

    
 		    
 		    
 		  

12/31/2014

   $ 63.78   $ 82.47   $ 64.59  

12/31/2013

   $ 62.47   $ 63.44   $ 48.43  

12/31/2012

   $ 55.64   $ 55.72   $ 48.74  

All Regional Shopping Centers

    
 		    
 		    
 		  

12/31/2014(e)

   $ 51.15   $ 54.48   $ 44.66  

12/31/2013(f)

   $ 48.16   $ 49.09   $ 41.88  

12/31/2012

   $ 44.29   $ 46.78   $ 40.54  
(a)
Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded.

(b)
Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(c)
The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)
The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

(e)
Great Northern Mall is excluded at December 31, 2014 because the Center is being transitioned to the loan servicer.

(f)
Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

19


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
    
  
 
   For Years Ended December 31,  
 
   2014(a)   2013(b)   2012  

Consolidated Centers

                    

Minimum rents

     8.7 %   8.4 %   8.1 %

Percentage rents

     0.4 %   0.4 %   0.4 %

Expense recoveries(c)

     4.3 %   4.5 %   4.2 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     13.4 %   13.3 %   12.7 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

 
    
  
 
   For Years Ended December 31,  
 
   2014   2013(a)   2012  

Unconsolidated Joint Venture Centers

                    

Minimum rents

     8.7 %   8.8 %   8.9 %

Percentage rents

     0.4 %   0.4 %   0.4 %

Expense recoveries(c)

     4.5 %   4.0 %   3.9 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     13.6 %   13.2 %   13.2 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

 
    
  
 
   For Years Ended December 31,  
 
   2014   2013(a)   2012  

All Centers

                    

Minimum rents

     8.7 %   8.6 %   8.4 %

Percentage rents

     0.4 %   0.4 %   0.4 %

Expense recoveries(c)

     4.3 %   4.3 %   4.0 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     13.4 %   13.3 %   12.8 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Great Northern Mall is excluded for the year ended December 31, 2014 because the Center is being transitioned to the loan servicer.

(b)
Rotterdam Square, sold January 15, 2014, is excluded for the year ended December 31, 2013.

(c)
Represents real estate tax and common area maintenance charges.

20


 The Macerich Company

Percentage of Net Operating Income by State

        Great Northern Mall is excluded from the table below because the Center is being transitioned to the loan servicer.

 
    
  
State
  % of Portfolio
2015 Forecast Pro
Rata NOI(a) 		 

California

     29.0 %

New York

     18.3 %

Arizona

     17.0 %

New Jersey & Connecticut

     8.1 %

Illinois, Indiana & Iowa

     7.6 %

Pennsylvania & Virginia

     6.6 %

Oregon & Washington

     5.8 %

Colorado

     4.9 %

Other(b)

     2.7 %
​ ​ ​ ​ ​

Total

     100.0 %
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​
(a)
The percentage of Portfolio 2015 Forecast Pro Rata NOI is based on guidance provided on February 4, 2015. NOI excludes straight-line and above/below market adjustments to minimum rents. NOI also does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.

(b)
"Other" includes Kentucky, North Dakota and Texas.

21


The Macerich Company

Property Listing

December 31, 2014

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. Great Northern Mall is excluded from the table below because the Center is being transitioned to the loan servicer.

Count
 
Company's
Ownership(a)
  Name of
Center/Location 		  Year of
Original
Construction/
Acquisition 		  Year of Most
Recent
Expansion/
Renovation 		  Total
GLA(b) 		 
 

 

CONSOLIDATED CENTERS:

              
 

1

  

100%

  

Arrowhead Towne Center
 Glendale, Arizona

     1993/2002     2004     1,198,000  
 

2

  

100%

  

Capitola Mall(c)
 Capitola, California

     1977/1995     1988     577,000  
 

3

  

100%

  

Cascade Mall
 Burlington, Washington

     1989/1999     1998     589,000  
 

4

  

50.1%

  

Chandler Fashion Center
 Chandler, Arizona

     2001/2002     —     1,320,000  
 

5

  

100%

  

Danbury Fair Mall
 Danbury, Connecticut

     1986/2005     2010     1,271,000  
 

6

  

100%

  

Deptford Mall
 Deptford, New Jersey

     1975/2006     1990     1,040,000  
 

7

  

100%

  

Desert Sky Mall
 Phoenix, Arizona

     1981/2002     2007     892,000  
 

8

  

100%

  

Eastland Mall(c)
 Evansville, Indiana

     1978/1998     1996     1,044,000  
 

9

  

100%

  

Fashion Outlets of Chicago
 Rosemont, Illinois

     2013/—     —     529,000  
 

10

  

100%

  

Flagstaff Mall
 Flagstaff, Arizona

     1979/2002     2007     347,000  
 

11

  

100%

  

FlatIron Crossing
 Broomfield, Colorado

     2000/2002     2009     1,434,000  
 

12

  

50.1%

  

Freehold Raceway Mall
 Freehold, New Jersey

     1990/2005     2007     1,668,000  
 

13

  

100%

  

Fresno Fashion Fair
 Fresno, California

     1970/1996     2006     963,000  
 

14

  

100%

  

Green Acres Mall(c)
 Valley Stream, New York

     1956/2013     2007     1,790,000  
 

15

  

100%

  

Kings Plaza Shopping Center(c)
 Brooklyn, New York

     1971/2012     2002     1,191,000  
 

16

  

100%

  

La Cumbre Plaza(c)
 Santa Barbara, California

     1967/2004     1989     491,000  
 

17

  

100%

  

Lakewood Center
 Lakewood, California

     1953/1975     2008     2,066,000  
 

18

  

100%

  

Los Cerritos Center
 Cerritos, California

     1971/1999     2010     1,113,000  
 

19

  

100%

  

Northgate Mall
 San Rafael, California

     1964/1986     2010     753,000  
 

20

  

100%

  

NorthPark Mall
 Davenport, Iowa

     1973/1998     2001     1,050,000  
 

21

  

100%

  

Oaks, The
 Thousand Oaks, California

     1978/2002     2009     1,137,000  
 

22

  

100%

  

Pacific View
 Ventura, California

     1965/1996     2001     1,021,000  
 

23

  

100%

  

Queens Center(c)
 Queens, New York

     1973/1995     2004     967,000  
 

24

  

100%

  

Santa Monica Place
 Santa Monica, California

     1980/1999     2010     466,000  

22


The Macerich Company

Property Listing

December 31, 2014

Count
 
Company's
Ownership(a)
  Name of
Center/Location 		  Year of
Original
Construction/
Acquisition 		  Year of Most
Recent
Expansion/
Renovation 		  Total
GLA(b) 		 
 

25

  

84.9%

  

SanTan Village Regional Center
 Gilbert, Arizona

     2007/—     2009     1,028,000  
 

26

  

100%

  

South Plains Mall
 Lubbock, Texas

     1972/1998     1995     1,127,000  
 

27

  

100%

  

Stonewood Center(c)
 Downey, California

     1953/1997     1991     932,000  
 

28

  

100%

  

Superstition Springs Center
 Mesa, Arizona

     1990/2002     2002     1,082,000  
 

29

  

100%

  

Towne Mall
 Elizabethtown, Kentucky

     1985/2005     1989     350,000  
 

30

  

100%

  

Tucson La Encantada
 Tucson, Arizona

     2002/2002     2005     242,000  
 

31

  

100%

  

Twenty Ninth Street(c)
 Boulder, Colorado

     1963/1979     2007     847,000  
 

32

  

100%

  

Valley Mall
 Harrisonburg, Virginia

     1978/1998     1992     507,000  
 

33

  

100%

  

Valley River Center
 Eugene, Oregon

     1969/2006     2007     920,000  
 

34

  

100%

  

Victor Valley, Mall of
 Victorville, California

     1986/2004     2012     576,000  
 

35

  

100%

  

Vintage Faire Mall
 Modesto, California

     1977/1996     2008     1,129,000  
 

36

  

100%

  

Washington Square
 Portland, Oregon

     1974/1999     2005     1,441,000  
 

37

  

100%

  

Wilton Mall
 Saratoga Springs, New York

     1990/2005     1998     736,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Consolidated Centers

           35,834,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

UNCONSOLIDATED JOINT VENTURE CENTERS:

        
 

38

  

50%

  

Biltmore Fashion Park
 Phoenix, Arizona

     1963/2003     2006     516,000  
 

39

  

50.1%

  

Corte Madera, Village at
 Corte Madera, California

     1985/1998     2005     460,000  
 

40

  

50%

  

Inland Center(c)
 San Bernardino, California

     1966/2004     2004     933,000  
 

41

  

50%

  

Kierland Commons
 Scottsdale, Arizona

     1999/2005     2003     434,000  
 

42

  

50%

  

North Bridge, The Shops at(c)
 Chicago, Illinois

     1998/2008     —     660,000  
 

43

  

50%

  

Scottsdale Fashion Square
 Scottsdale, Arizona

     1961/2002     2009     1,724,000  
 

44

  

50%

  

Tysons Corner Center
 Tysons Corner, Virginia

     1968/2005     2005     1,968,000  
 

45

  

19%

  

West Acres
 Fargo, North Dakota

     1972/1986     2001     971,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Unconsolidated Joint Venture Centers

     7,666,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

23


The Macerich Company

Property Listing

December 31, 2014

Count
 
Company's
Ownership(a)
  Name of
Center/Location 		  Year of
Original
Construction/
Acquisition 		  Year of Most
Recent
Expansion/
Renovation 		  Total
GLA(b) 		 
 

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:

        
 

46

  

50%

  

Broadway Plaza(c)(d)
 Walnut Creek, California

     1951/1985     1994     774,000  
 

47

  

100%

  

Fashion Outlets of Niagara Falls USA(e)
 Niagara Falls, New York

     1982/2011     2014     686,000  
 

48

  

50%

  

Gallery, The (c)(d)
 Philadelphia, Pennsylvania

     1977/2014     1990     948,000  
 

49

  

100%

  

Paradise Valley Mall(e)
 Phoenix, Arizona

     1979/2002     2009     1,151,000  
 

50

  

100%

  

SouthPark Mall(e)
 Moline, Illinois

     1974/1998     1990     855,000  
 

51

  

100%

  

Westside Pavilion
 Los Angeles, California

     1985/1998     2007     755,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Regional Shopping Centers

           48,669,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

COMMUNITY / POWER CENTERS:

              
 

1

  

50%

  

Atlas Park, The Shops at(d)
 Queens, New York

     2006/2011     2013     377,000  
 

2

  

50%

  

Boulevard Shops(d)
 Chandler, Arizona

     2001/2002     2004     185,000  
 

3

  

39.7%

  

Estrella Falls, The Market at(d)
 Goodyear, Arizona

     2009/—     2009     242,000  
 

4

  

100%

  

Panorama Mall(e)
 Panorama, California

     1955/1979     2005     312,000  
 

5

  

89.4%

  

Promenade at Casa Grande(e)
 Casa Grande, Arizona

     2007/—     2009     909,000  
 

6

  

100%

  

Southridge Center(e)
 Des Moines, Iowa

     1975/1998     2013     823,000  
 

7

  

100%

  

Superstition Springs Power Center(e)
 Mesa, Arizona

     1990/2002     —     206,000  
 

8

  

100%

  

The Marketplace at Flagstaff Mall(c)(e)
 Flagstaff, Arizona

     2007/—     —     268,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Community / Power Centers

     3,322,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

OTHER ASSETS:

                    
 

 

100%

  

Various(e)(f)

                 572,000  
 

 

100%

  

500 North Michigan Avenue(e)
 Chicago, Illinois

                 326,000  
 

 

50%

  

Gallery, The-Offices(c)(d)
 Philadelphia, Pennsylvania

                 526,000  
 

 

100%

  

Paradise Village Ground Leases(e)
 Phoenix, Arizona

                 58,000  
 

 

100%

  

Paradise Village Office Park II(e)
 Phoenix, Arizona

                 46,000  
 

 

50%

  

Scottsdale Fashion Square-Office(d)
 Scottsdale, Arizona

                 123,000  
 

 

50%

  

Tysons Corner Center-Office(d)
 Tysons Corner, Virginia

                 173,000  
 

 

50%

  

Tysons Tower(d)
 Tysons Corner, Virginia

                 527,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Other Assets

           2,351,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Grand Total at December 31, 2014

           54,342,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

24


The Macerich Company

Property Listing

December 31, 2014

(a)
The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on page 26 regarding the legal versus economic ownership of joint venture entities.

(b)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of December 31, 2014.

(c)
Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 46 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(d)
Included in Unconsolidated Joint Venture Centers.

(e)
Included in Consolidated Centers.

(f)
The Company owns a portfolio of nine stores located at shopping centers not owned by the Company. Of these nine stores, two have been leased to Forever 21, one has been leased to Kohl's, and six have been leased for non-Anchor usage. With respect to six of the nine stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

25


 Joint Venture List

        The following table sets forth certain information regarding the Centers and other operating properties that are not wholly-owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of December 31, 2014.

 
  
Properties
  12/31/2014
Legal
Ownership(a) 		  12/31/2014
Economic
Ownership(b) 		  Joint Venture   12/31/2014
Total GLA(c) 		 

Atlas Park, The Shops at

     50%     50%   WMAP, L.L.C.     377,000  

Biltmore Fashion Park

     50%     50%   Biltmore Shopping Center Partners LLC     516,000  

Boulevard Shops

     50%     50%   Propcor II Associates, LLC     185,000  

Broadway Plaza

     50%     50%   Macerich Northwestern Associates     774,000  

Chandler Fashion Center(d)

     50.1%     50.1%   Freehold Chandler Holdings LP     1,320,000  

Corte Madera, Village at

     50.1%     50.1%   Corte Madera Village, LLC     460,000  

Estrella Falls, The Market at(e)

     39.7%     39.7%   The Market at Estrella Falls LLC     242,000  

Freehold Raceway Mall(d)

     50.1%     50.1%   Freehold Chandler Holdings LP     1,668,000  

Gallery, The

     50%     50%   Various Entities     948,000  

Gallery, The-Office

     50%     50%   Various Entities     526,000  

Inland Center

     50%     50%   WM Inland LP     933,000  

Kierland Commons

     50%     50%   Kierland Commons Investment LLC     434,000  

North Bridge, The Shops at

     50%     50%   North Bridge Chicago LLC     660,000  

Promenade at Casa Grande(f)

     89.4%     89.4%   WP Casa Grande Retail LLC     909,000  

SanTan Village Regional Center

     84.9%     84.9%   Westcor SanTan Village LLC     1,012,000  

Scottsdale Fashion Square

     50%     50%   Scottsdale Fashion Square Partnership     1,724,000  

Scottsdale Fashion Square-Office

     50%     50%   Scottsdale Fashion Square Partnership     123,000  

Tysons Corner Center

     50%     50%   Tysons Corner LLC     1,968,000  

Tysons Corner Center-Office

     50%     50%   Tysons Corner Property LLC     173,000  

Tysons Tower

     50%     50%   Tysons Corner Property LLC     527,000  

West Acres

     19%     19%   West Acres Development, LLP     971,000  
(a)
This column reflects the Company's legal ownership in the listed properties as of December 31, 2014.
Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

(b)
Economic ownership represents the allocation of cash flow to the Company as of December 31, 2014, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company's economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of December 31, 2014.

(d)
The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; and, thereafter, 35% to the third-party partner and 65% to the Company.

(e)
Columns 1 and 2 reflect the Company's indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in

26

    the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages. In addition, the Company has executed a joint and several guaranty of the mortgage for the property with its third-party partner. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.

(f)
Columns 1 and 2 reflect the Company's total direct and indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages.

27


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

 
    
  
 
   As of December 31, 2014  
 
   Fixed Rate   Floating Rate   Total  
 
   dollars in thousands
  

Consolidated debt

   $ 4,924,143   $ 1,128,408   $ 6,052,551  

Unconsolidated debt

     882,527     115,359     997,886  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total debt

   $ 5,806,670   $ 1,243,767   $ 7,050,437  

Weighted average interest rate

    
3.77
%		  
2.16
%		  
3.48
%

Weighted average maturity (years)

                 5.16  

28


 The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 
    
  
 
   As of December 31, 2014  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

I. Consolidated Assets:

                                

Great Northern Mall(b)

     01/01/15     6.54 % $ 34,494   $ —   $ 34,494  

Lakewood Center

     06/01/15     1.80 %   253,708     —     253,708  

Flagstaff Mall

     11/01/15     5.03 %   37,000     —     37,000  

Washington Square

     01/01/16     1.65 %   238,696     —     238,696  

Valley River Center

     02/01/16     5.59 %   120,000     —     120,000  

Prasada(c)

     03/29/16     5.25 %   5,440     —     5,440  

Eastland Mall

     06/01/16     5.79 %   168,000     —     168,000  

Valley Mall

     06/01/16     5.85 %   41,368     —     41,368  

Deptford Mall

     06/01/16     6.46 %   14,285     —     14,285  

Stonewood Center

     11/01/17     1.80 %   111,297     —     111,297  

Freehold Raceway Mall(d)

     01/01/18     4.20 %   114,851     —     114,851  

Santa Monica Place

     01/03/18     2.99 %   230,344     —     230,344  

Los Cerritos Center

     07/01/18     1.65 %   206,548     —     206,548  

Arrowhead Towne Center

     10/05/18     2.76 %   228,703     —     228,703  

SanTan Village Regional Center(e)

     06/01/19     3.14 %   113,590     —     113,590  

Chandler Fashion Center(d)

     07/01/19     3.77 %   100,200     —     100,200  

Kings Plaza Shopping Center

     12/03/19     3.67 %   480,761     —     480,761  

Danbury Fair Mall

     10/01/20     5.53 %   228,529     —     228,529  

Fashion Outlets of Niagara Falls USA

     10/06/20     4.89 %   121,376     —     121,376  

FlatIron Crossing

     01/05/21     3.90 %   261,494     —     261,494  

Green Acres Mall

     02/03/21     3.61 %   313,514     —     313,514  

Tucson La Encantada

     03/01/22     4.23 %   71,500     —     71,500  

Pacific View

     04/01/22     4.08 %   133,200     —     133,200  

Oaks, The

     06/05/22     4.14 %   210,197     —     210,197  

Westside Pavilion

     10/01/22     4.49 %   149,626     —     149,626  

Towne Mall

     11/01/22     4.48 %   22,607     —     22,607  

Deptford Mall

     04/03/23     3.76 %   197,815     —     197,815  

Victor Valley, Mall of

     09/01/24     4.00 %   115,000     —     115,000  

Queens Center

     01/01/25     3.49 %   600,000     —     600,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Rate Debt for Consolidated Assets

           3.64 % $ 4,924,143   $ —   $ 4,924,143  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Superstition Springs Center

     10/28/16     1.98 % $ —   $ 68,079   $ 68,079  

Northgate Mall

     03/01/17     3.05 %   —     64,000     64,000  

Fashion Outlets of Chicago(f)

     03/05/17     2.97 %   —     119,329     119,329  

The Macerich Partnership, L.P.—Line of Credit

     08/06/18     1.89 %   —     752,000     752,000  

The Macerich Partnership, L.P.—Term Loan

     12/08/18     2.25 %   —     125,000     125,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Floating Rate Debt for Consolidated Assets

           2.12 % $ —   $ 1,128,408   $ 1,128,408  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt for Consolidated Assets

           3.35 % $ 4,924,143   $ 1,128,408   $ 6,052,551  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

29


 The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 
    
  
 
   As of December 31, 2014  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

II. Unconsolidated Assets (At Company's pro rata share):

                                

Broadway Plaza (50%)

     08/15/15     6.12 %   68,237     —     68,237  

North Bridge, The Shops at (50%)

     06/15/16     7.52 %   96,309     —     96,309  

West Acres (19%)

     10/01/16     6.41 %   10,988     —     10,988  

Corte Madera, The Village at (50.1%)

     11/01/16     7.27 %   37,762     —     37,762  

Scottsdale Fashion Square (50%)

     04/03/23     3.02 %   253,472     —     253,472  

Tysons Corner Center (50%)

     01/01/24     4.13 %   415,759     —     415,759  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Rate Debt for Unconsolidated Assets

           4.50 % $ 882,527   $ —   $ 882,527  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Estrella Falls, The Market at (39.71%)(g)

     06/01/15     3.13 % $ —   $ 13,319   $ 13,319  

Inland Center (50%)

     04/01/16     3.41 %   —     25,000     25,000  

Kierland Commons (50%)(f)

     01/02/18     2.25 %   —     67,082     67,082  

Boulevard Shops (50%)(f)

     12/16/18     2.05 %   —     9,958     9,958  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Floating Rate Debt for Unconsolidated Assets

           2.59 % $ —   $ 115,359   $ 115,359  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt for Unconsolidated Assets

           4.28 % $ 882,527   $ 115,359   $ 997,886  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt

           3.48 % $ 5,806,670   $ 1,243,767   $ 7,050,437  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Percentage to Total

                 82.36 %   17.64 %   100.00 %
(a)
The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.
(b)
This non-recourse loan is in maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the asset to the loan servicer or a receiver.
(c)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(d)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(e)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(f)
The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.
(g)
On 02/03/15, the Company's joint venture replaced the existing loan on the property with a new $10,500 loan, at the Company's pro rata share, that bears interest at LIBOR plus 1.7% and matures on 02/05/20, including a one-year extension option.

30

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December 31, 2014

In-Process Developments and Redevelopments:

Property
  Project Type   Total Cost(a)(b)
at 100% 		  Ownership
% 		  Total Cost(a)(b)
Pro Rata 		  Pro Rata
Capitalized Costs(b)
12/31/2014 		  Expected
Delivery(a) 		  Stabilized
Yield(a)(b)(c)
                               

Broadway Plaza
Walnut Creek, CA

   Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 774,000 sf center which is currently anchored by Nordstrom, Neiman Marcus and Macy's. New space created by construction of a more efficient parking structure and the consolidation of stand-alone Macy's Men's Store into a single larger Macy's box. Phase I encompasses demolition of 80,000 sf of existing retail space and construction of 240,000 sf of new retail space for a net increase of 160,000 sf. Phase 2 involves demolition of the existing Macy's Men's building and construction of 75,000 sf of new retail space for a total increase of 235,000 sf of small stores.   * Phase 1 : $240
* Phase 2 : $30		     50 % * Phase 1 : $120
* Phase 2 : $15		   * Phase 1 : $45
* Phase 2 : $0		   * 25% 4Q15
* 50% 2Q16
* 25% 2Q17		   9%
                               

      Total: $270         Total: $135   Total: $45        

Los Cerritos Center
Cerritos, CA

   200,000 square foot redevelopment, including a Dick's Sporting Goods and a Harkins Theatre   $45     100 % $45   $6   4Q15   8%

Santa Monica Place
Santa Monica, CA

   Movie theater addition—Adding a 48,000 square foot state-of-art, 12-screen Arclight Cinema to the third level/Dining Deck   $33     100 % $33   $12   4Q15   8%

Scottsdale Fashion Square
Scottsdale, AZ

   135,000 square foot addition to an existing 1.8 million square foot center, including a Dick's Sporting Goods and a Harkins Theatre   $30     50 % $15   $5   3Q15   10%

31

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December 31, 2014

In-Process Developments and Redevelopments: (continued)

Property
  Project Type   Total Cost(a)(b)
at 100% 		  Ownership
% 		  Total Cost(a)(b)
Pro Rata 		  Pro Rata
Capitalized Costs(b)
12/31/2014 		  Expected
Delivery(a) 		  Stabilized
Yield(a)(b)(c)
                               

Tysons Corner
Tysons, VA

   Mixed-use expansion/densification—Constructing office (527,000 square feet), multifamily (430 units) and hotel (300-room Hyatt Regency) components immediately adjacent to Tysons Corner Center, all of which will be served by the expanded METRO line (opened July 2014) and tied together by a 1.5-acre plaza   * Office: $228
* Hotel: $136
* Multifamily: $160		     50 % * Office: $114
* Hotel: $68
* Multifamily: $80		   * Office: $104
* Hotel: $61
* Multifamily: $70		   * Office: 3Q14
* Hotel: 1Q15
* Multifamily: 1Q15		   8%
                               

      Total: $524         Total: $262   Total: $235        

Green Acres Commons
Valley Stream, NY

   335,000 square foot, Big Box development   $105 - $110     100 % $105 - $110   $24   Fall 2016   10%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total In-Process

       $1,007 - $1,012         $595 - $600   $327        
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

32

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December 31, 2014

Shadow Pipeline of Developments and Redevelopments(d):

Property
  Project Type   Total Cost(a)(b)
at 100% 		  Ownership
% 		  Total Cost(a)(b)
Pro Rata 		  Pro Rata
Capitalized Costs(b)
12/31/2014 		  Expected
Delivery(a) 		  Stabilized
Yield(a)(b)(c)
                                   

500 N. Michigan Ave (contiguous to The Shops at North Bridge)
Chicago, IL

   25,000 square foot redevelopment/street retail   $20 - $25     100 % $20 -$25   $ 5     2016 - 2017   10% - 12%

Gallery, The
Philadelphia, PA

   Redevelopment of The Gallery in downtown Philadelphia   TBD     50 % TBD   $ 0     TBD   TBD

Fashion Outlets of San Francisco
San Francisco, CA

   A 500,000 square foot outlet center on the historic site of Candlestick Park   TBD     50.1 % TBD   $ 0     TBD   TBD

Kings Plaza Shopping Center
Brooklyn, NY

   Major remerchandising and redemising of Sears   $65 - $75     100 % $65 - $75   $ 0     2017 - 2018   7% - 8%

Paradise Valley Mall
Phoenix, AZ

   Redevelopment (size TBD) including a theater   TBD     100 % TBD   $ 0     TBD   TBD

Scottsdale Fashion Square
Scottsdale, AZ

   Office / Residential / Retail Mixed Use development on 7.5 Acres (former Days Inn)   $250     50 % $125   $ 0     2017 - 2018   8%

Tysons Corner
Tysons, VA

   Mixed Use Development. Residential Tower with Retail Ground Floor.   $165     50 % $83   $ 0     2018 - 2019   7% - 8%

Westside Pavilion
Los Angeles, CA

   Redevelopment of an existing 755,000 square foot Regional Shopping Center   TBD     100 % TBD   $ 0     TBD   TBD
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Shadow Pipeline

       $500 - $515         $293 - $308   $ 5          
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure on page 1 for factors that may affect the information provided in this table.

(b)
This excludes GAAP allocations of non cash and indirect costs.

(c)
Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non cash and indirect costs.

(d)
This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Average returns are expected to be 7% to 12%. There is no certainty that the Company will develop any or all of these potential projects.

33


 The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange
Symbol: MAC

        The following table shows high and low sales prices per share of common stock during each quarter in 2014, 2013 and 2012 and dividends per share of common stock declared and paid by quarter:

 
  
 
   Market Quotation
per Share 		  Dividends  
Quarter Ended:
  High   Low   Declared
and Paid 		 

March 31, 2012

   $ 58.08   $ 49.67   $ 0.55  

June 30, 2012

   $ 62.83   $ 54.37   $ 0.55  

September 30, 2012

   $ 61.80   $ 56.02   $ 0.55  

December 31, 2012

   $ 60.03   $ 54.32   $ 0.58  

March 31, 2013

  
$
64.47		  
$
57.66		  
$
0.58		  

June 30, 2013

   $ 72.19   $ 56.68   $ 0.58  

September 30, 2013

   $ 66.12   $ 55.19   $ 0.58  

December 31, 2013

   $ 60.76   $ 55.13   $ 0.62  

March 31, 2014

  
$
62.41		  
$
55.21		  
$
0.62		  

June 30, 2014

   $ 68.28   $ 61.66   $ 0.62  

September 30, 2014

   $ 68.81   $ 62.62   $ 0.62  

December 31, 2014

   $ 85.55   $ 63.25   $ 0.65  

Dividend Reinvestment Plan

        Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 800-567-0169.

 
    
    
Corporate Headquarters
The Macerich Company
401 Wilshire Boulevard, Suite 700
Santa Monica, California 90401
310-394-6000
www.macerich.com		   Transfer Agent
Computershare
P.O. Box 30170
College Station, TX 77842-3170
800-567-0169
www.computershare.com		    

Macerich Website

        For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.

Investor Relations

Jean Wood
Vice President, Investor Relations
Phone: 424-229-3366
jean.wood@macerich.com		   John Perry
Senior Vice President, Investor Relations
Phone: 424-229-3345
john.perry@macerich.com

34



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The Macerich Company Supplemental Financial and Operating Information Overview
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THE MACERICH COMPANY UNAUDITED PRO RATA STATEMENT OF OPERATIONS (Dollars in thousands)
THE MACERICH COMPANY UNAUDITED PRO RATA STATEMENT OF OPERATIONS (Dollars in thousands)
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The Macerich Company Notes to Sales Per Square Foot by Property Ranking (unaudited)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Occupancy(a)
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The Macerich Company Property Listing December 31, 2014
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The Macerich Company Supplemental Financial and Operating Information (unaudited) Debt Summary (at Company's pro rata share)
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